By Cristal Cody
Chicago, Oct. 21 – Citizens Bank, NA priced $600 million of 6.064% three-year fixed-to-floating rate senior notes on Thursday, according to a news release and additional details from a market source.
The initial rate resets to SOFR plus 131 basis points.
There are two years of call protection.
The notes priced at Treasuries plus 145 bps after initial talk in the 155 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Citizens Capital Markets, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
The bank is based in Providence, R.I.
| Issuer: | Citizens Bank, NA
|
| Amount: | $600 million
|
| Issue: | Fixed-to-floating rate senior notes
|
| Maturity: | Oct. 24, 2025
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Citizens Capital Markets, Inc.
|
| Coupon: | 6.064% initially, resets to SOFR plus 131 bps
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Two years
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 25
|
| Price talk: | Treasuries plus 155 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
